Providenciales, 05 Aug 2015 – Some people have an issue with the way the contract for the consultancy job for the new Invest TCI was awarded; charging that the proper procedure was abandoned in favor of giving the job to former NIB boss, Colin Heartwell. During House of Assembly debate last week, the PDM leveled a questioned at Minister of Finance, Washington Misick to find out who was in the running for the task of re-establishing the investment agency of the country.
Hon. Sharlene Robinson, Opposition Leader: “Will the Minister be pleased to say who were the bidders and what was the cost of the consultancy awarded.”
Indeed former National Insurance Board Director Colin Heartwell’s company: British West Indies Consulting has won the bid and will establish a new version of TC Invest. Heartwell, who is now resigned from the NIB will cultivate the entity which is anticipated to bridge gaps between government and the business sector, and “work with investors who want to do business in the TCI, as well as advising government on how it can create the right environment to encourage trade and streamline the investment process.”
Finance Minister, Hon. Misick said two bids came in.
“And they were received they were received from KPMG Corporate Finance Ltd, for $320,000 and British West Indies Consulting for $264,000…”
British West Indies Consulting, owned by Heartwell who is a permanent resident of the islands was announced since April as most appropriate for the job. At that time it was also explained that Colin Heartwell’s contract award win was in line with the Public Procurement Ordinance 2012 and it was the Public Procurement Board which selected BWI Consulting.
Still some are not convinced.
UK Prime Minister Liz Truss forced to break tax cut promise
By Dana Malcolm
#UnitedKingdom, October 6, 2022 – A month into her tenure as Liz Truss, UK Prime Minister is going back on one of her biggest campaign promises to cut taxes for certain British citizens.
The tax cut in question had been part of the PMs signature campaign to ease the economic burden in the UK and one that she and former Finance Minister and candidate for Prime Minister Rishi Sunak had repeatedly clashed about. It would have seen the top earners, meaning anyone bringing in over £150 thousand a year, pay less money to the government.
Unfortunately the plan rocked Britain’s economy pushing the pound on par with the US dollar for the first time in years.
It is an economic blow, and at a time when families are already struggling with incredibly high energy bills and inflation. The money to find these tax cuts would have been borrowed an idea that her own party signaled it would vote against. In addition to the economic impacts British citizens had also been strongly opposed to that facet of the economic plans.
In letting go of the tax cut, Truss said, “We get it and we have listened” the admission coming days after she defended it to the public.
Still there are parts of the larger package that will still go on which will afford tax cuts to lower income families and put a cap on energy costs.
Regressive recession looming, forces UN to issue Cease and Desist message to ‘big’ countries
By Dana Malcolm
October 6, 2022 – Central Banks in advanced nations must stop pushing up interest rates now or risk sending the globe into recession where developing nations suffer most according to the UN.
In the last several months, The U.S. Federal Reserve, the Bank of England and Bank of Canada have all spiked interest rates in an effort to control borrowing power, buying power and possibly push down inflation
“The world is headed towards a global recession and prolonged stagnation unless we quickly change the current policy course of monetary and fiscal tightening in advanced economies.” It said, mincing no words, the agency described the potential global recession as ‘policy induced’ by developed countries. And this recession could be worse than the 2008 crisis. This is especially true for developing countries like those in the Caribbean.
“While all regions will be affected, alarm bells are ringing most for developing countries, many of which are edging closer to debt default.” The agency said.
And if it happens the recession could set developing nations back years in the struggle to increase their standards of living.
“As climate stress intensifies, so do losses and damage inside vulnerable economies that lack the fiscal space to deal with disasters let alone invest in their own long-term development— The global slowdown will further expose developing countries to a cascade of debt, health, and climate crises.”
If the globe proceeds as is the world will lose 20 percent of its income by and push developing economies growth rate below 3 percent which the UN says is ‘insufficient for sustainable development’
Inaugural FinTech Conference on now in Barbados
By Sherrica Thompson
#Barbados, October 6, 2022 – Barbados is now hosting the first-ever global fintech conference in the Caribbean.
Over 300 delegates from across the globe and varying sectors within the industry will be attending the event. It began on Wednesday October 5, concluding October 7 and is being staged at the Hilton Barbados.
The Fintech Islands conference will feature renowned fintech leaders delivering key addresses and over 20 hours of curated content. The mandate of the event is to create a world-class event that will be a catalyst for the growth of the fintech ecosystem in the Caribbean.
One major highlight of the conference will be the welcome address by the Prime Minister of Barbados, Mia Mottley, who will also host an exclusive VIP meet and greet.
Some of the major themes of the event that are relevant to the context of the Caribbean venue are Financial Inclusion, Climate Fintech, Cryptocurrencies and Decentralised Finance and Embedded and Open Finance.
The event will have a range of speakers from founders, CEOs and fintech leaders from North America, Latin America (LATAM), Europe and Africa.
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